A Richmond Hill man was arrested by Toronto Police on Thursday and accused of posing as an insurance agent and defrauding a client out of thousands of dollars.

The man allegedly convinced his victim to cash out his life-insurance policy worth $21,000 in return for a new policy that would better suit his client’s financial needs. The man took off with the money and never purchased the new policy for his client.

Laurence Honickman, 41, has been charged with fraud over $5,000, laundering proceeds of crime and failure to comply with probation.

Police believe there may be more victims.

Anyone with information is asked to contact police at 416-808-1300 or Crime Stoppers at 416-222-TIPS (8477).